How financial education can help employees make their money go further
The recent emergence of the cost of living crisis in the UK has plunged many people into financial uncertainty, as they watch energy, food and fuel prices soar. Research from Aviva’s December 2021 report, Evolving in the age of ambiguity, highlighted that more than two in five employees (43%) do not feel like they are financially on track to live the life they want in the future, with just 35% showing signs of practising good saving behaviours. What can employers do to improve this and to make workers’ money go further?
- Employers may want to consider giving employees practical help that includes debt management, budgeting and top tips for saving on everyday spending.
- Educating employees with basic skills like budgeting and saving for a deposit for a first home can also provide help in other areas of life.
- Other benefits like discounted shopping vouchers and bikes-for-work schemes can enable further savings for employees and help mitigate the rising costs of living.
Darren Laverty, Partner at Secondsight, shares his thoughts on how some staff may need education on why budgeting is important. He also discusses how financial support or employee benefits need to come from an impartial perspective and need to give staff a big enough reason why they should take control of their finances.
To read the full employee benefits article click here